HC Wainwright Reiterates Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They currently have a $40.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 286.10% from the stock’s current price.

RNAC has been the topic of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $41.00 price target on shares of Cartesian Therapeutics in a report on Thursday, March 13th. BTIG Research initiated coverage on Cartesian Therapeutics in a report on Thursday, December 19th. They issued a “buy” rating and a $42.00 target price on the stock. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.14.

Cartesian Therapeutics Price Performance

Shares of RNAC stock opened at $10.36 on Wednesday. The firm’s 50-day simple moving average is $16.22 and its 200-day simple moving average is $18.44. Cartesian Therapeutics has a 1-year low of $8.85 and a 1-year high of $41.87. The firm has a market cap of $268.40 million, a P/E ratio of -0.20 and a beta of 0.55.

Hedge Funds Weigh In On Cartesian Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. MPM Bioimpact LLC raised its stake in shares of Cartesian Therapeutics by 14.6% during the fourth quarter. MPM Bioimpact LLC now owns 721,139 shares of the company’s stock valued at $12,916,000 after purchasing an additional 91,716 shares during the period. Geode Capital Management LLC increased its stake in Cartesian Therapeutics by 63.0% during the 4th quarter. Geode Capital Management LLC now owns 221,257 shares of the company’s stock worth $3,963,000 after buying an additional 85,557 shares during the period. 683 Capital Management LLC lifted its holdings in Cartesian Therapeutics by 65.7% in the 4th quarter. 683 Capital Management LLC now owns 125,000 shares of the company’s stock worth $2,239,000 after buying an additional 49,569 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Cartesian Therapeutics by 197.8% in the 4th quarter. Nuveen Asset Management LLC now owns 72,099 shares of the company’s stock valued at $1,291,000 after buying an additional 47,889 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Cartesian Therapeutics by 50.6% during the fourth quarter. Northern Trust Corp now owns 95,030 shares of the company’s stock valued at $1,702,000 after acquiring an additional 31,915 shares in the last quarter. 86.95% of the stock is owned by institutional investors and hedge funds.

About Cartesian Therapeutics

Cartesian Therapeutics, Inc, a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases.